New Memorandum of Understanding for financial stability in the Nordic and Baltic countries

The Swedish Ministry of Finance, the Riksbank, Finansinspektionen (the Swedish Financial Supervisory Authority) and the Swedish National Debt Office in its role as resolution authority, have produced, together with their equivalents in Denmark, Estonia, Finland, Iceland, Latvia, Lithuania and Norway, a new Memorandum of Understanding on cooperation and coordination on cross-border financial stability.

"Our countries' financial systems are closely interlinked and require that we maintain a continuous dialogue on various issues concerning financial stability. The Nordic-Baltic Stability Group is important in this aspect and it is pleasing that we have now signed a new MoU," says Stefan Ingves.

The Nordic and Baltic countries have a common interest in financial stability stemming from inter-linkages in the financial system in the region. This justifies the countries maintaining and further developing their cooperation and contacts with regard to these issues. The cooperation within the Nordic Baltic Stability Group (NBSG) fulfils such a function and is unique in gathering relevant ministries, financial supervisory authorities, central banks and resolution authorities in the eight countries. The cooperation contributes to safeguarding financial stability in the region and all participants benefit from this.

An updated Memorandum of Understanding has been signed as a result of the establishment of resolution authorities, which have been responsible in their respective countries since 2016 for crisis management in cross-border financial companies. The previous MoU was signed in 2010 and covered the ministries, financial supervisory authorities and central banks relevant at that time. Now the resolution authorities have become members of the group. The cooperation within the Nordic Baltic Stability Group primarily entails an exchange of information and joint crisis management exercises, and the forms for this are described in the Memorandum.

The Memorandum of Understanding shall be regarded as a declaration of intent as to how the cooperation on financial stability in Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden can be retained and developed further, within the framework of the applicable EU and EEA regulations.

Updated 09/02/2018
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